Managed Security Services Market
Managed Security Services Market (CPE, Cloud/Hosted and Hybrid) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 - 2019
Press Release :
Managed Security Services Market: Snapshot
Managed Security Services or MSS are considered as the systematic approach to managing an organization’s security needs. This is needed for better security against security contravention and cyber-attacks. Conducted both in-house and outsourced to service provider, this security service oversees other companies’ information system security and network. Main functions of managed security services are overseeing patch management and upgrades, responding to emergencies, round-the-clock monitoring and management of intrusion detection systems and firewalls and performing security audits and assessments. Outsourcing security operations to managed security service providers having core expertise and skilled workforce can improve the quality of protection of managed security services.
Major factors that drive the growth of managed security services market are rise in digital information generation and increasing trend of being your own devices(BYOD), along with the need to secure it. Due to the rise in complexity and frequency of security breaches and cyber-attacks, organizations are increasingly deploying managed security service providers. This is done to monitor and provide better protection.
The global managed security services market is estimated to witness a strong growth at 15.4% CAGR during the forecast period of 2013 to 2019. By the end of the forecast period the market is predicted to be valued at US$24.12 bn.
Low Maintenance Costs in Cloud-Based Security Management Driving Growth in Market
Based on applications, the global managed security market is segmented into risk assessment, confidentiality, compliance, business continuity, access control, and network security managed security services market. Among these, confidentiality market, compliance services and network security services collectively account for leading share in the market for managed security services.
On the basis of delivery, there is consumer premise equipment (CPE)-based services, cloud-based or hosted-based services, global managed security services, and hybrid services, which is an integration of cloud-based and CPE-based services. The emergence of cloud-based managed security services is likely to boost the global market significantly over the forecast period due to easy installation and low maintenance cost as compared to others.
Based on industry verticals, the global managed security service market is segmented into telecom and IT, retail, healthcare, hospitality sectors, manufacturing, government and utilities, research and development (R and D), and banking financial services and insurance (BFSI). The report states the leading end users like the government utility sectors, telecom and IT and the BFSI account for a large share. Outsourcing proves to be a viable and economical option because of the rise in numbers, cost pressure compliance, lack of internal expertise, and complexity of threats.
Asia Pacific to Register Fastest Growth during Forecast Period
The global managed security services market is studied on the basis of key geographies Asia Pacific, Europe, North America and the Rest of the World. Due to the benefits that managed marketing services offer, there is rise in awareness, and this has fueled the market globally. However, consumers are hesitant to share confidential information and this may restrain the growth of managed security services market in the years to come.
North America has been leading the regional market and is predicted to continue its dominance over the forecast period. However, Asia Pacific is estimated to grow at a rapid pace during the forecast period.
As a part of their product portfolio and services expansion, a majority of internet/telecom service providers have started to venture in managed security services. IT companies and Companies like IBM Corp., AT&T Inc., Bell Canada Inc., Wipro Technology Services Ltd., and Tata Communications Ltd. are some of the key participants in the global market for managed security services. The key players estimated to dominate the market are Dell Secure Works, IBM, EMC, and HP.
The relevance of cybersecurity across leading industries has played a vital role in driving sales across the global managed security services market. Furthermore, the unprecedented need for fostering security of operations on cloud platforms has also garnered the attention of the masses. Moreover, as companies become increasingly reliant on internet-based solutions for their daily tasks, the global managed security services market is slated to grow by a dramatic chase. Several technology companies provided subsidiary services in security management, contributing to the growth of the overall market. Cybersecurity solutions take a lead over physical security solutions, and this is an important dynamic of market growth.
The cyber-readiness of companies is an important parameter to gauge its integrity. Therefore, the use of managed security services in the corporate sector has increased by leaps and bounds. Large organisations make concerted efforts to develop a strong fabric of security around their cyber assets. Furthermore, security breaches and compromises can have a sound financial impact for stakeholders and investors. In this scenario, it is safe to believe that companies spare a substantial share of their budget on security solutions. This share shall trickle down to the global managed security services market in the times to follow.
Managed security services are network security services which are outsourced to perform various functions including management of intrusion detection systems and firewalls and round-the-clock monitoring. Due to rising frequency and complexity of attacks, most organizations are increasingly deploying add-on solutions and modules to their existing network security solutions, which in turn increase the complexity of security networks. Hence, organizations are outsourcing their network security to managed security services providers (MSSPs) who have proficiency (in terms of skilled workforce and dedicated tools and systems) in managing complicated security networks. MSSPs offer various types of security services such as network boundary protection, intrusion detection and prevention for networks and hosts, event log management and alerting, anti-virus and web content filtering services, patch management and security software management, data leak prevention, secure messaging, and information security consulting services, among others.
- Banking and financial services and insurance
- Government and utilities
- Telecom and IT
- Others (Education, Research and development, and Hospitality)
- Network security
- Access control
- Business continuity
- Risk Assessment
- Customer premises equipment (CPE) based
- Hosted or cloud based
- North America
- Rest of the World